Exhibit 12
WASHINGTON REAL ESTATE INVESTMENT TRUST
Computation of Ratios
(In thousands)
| Q2 2011 | Q2 2010 | YTD 2011 | YTD 2010 | |||||||||||||
| Earnings to fixed charges ratio: | ||||||||||||||||
| Income from continuing operations |
$ | 7,739 | $ | 6,094 | $ | 12,885 | $ | 10,460 | ||||||||
| Additions: |
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| Fixed charges |
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| Interest expense |
17,097 | 16,785 | 34,223 | 33,623 | ||||||||||||
| Capitalized interest |
81 | 349 | 164 | 692 | ||||||||||||
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| 17,178 | 17,134 | 34,387 | 34,315 | |||||||||||||
| Deductions: |
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| Capitalized interest |
(81 | ) | (349 | ) | (164 | ) | (692 | ) | ||||||||
| Net income attributable to noncontrolling interests |
(34 | ) | (27 | ) | (57 | ) | (76 | ) | ||||||||
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| Adjusted earnings |
$ | 24,802 | $ | 22,852 | $ | 47,051 | $ | 44,007 | ||||||||
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| Fixed charges (from above) |
$ | 17,178 | $ | 17,134 | $ | 34,387 | $ | 34,315 | ||||||||
| Ratio of Earnings to Fixed Charges |
1.44 | 1.33 | 1.37 | 1.28 | ||||||||||||
| Q2 2011 | Q2 2010 | YTD 2011 | YTD 2010 | |||||||||||||
| Debt service coverage ratio: | ||||||||||||||||
| Net income attributable to the controlling interests |
$ | 6,522 | $ | 14,994 | $ | 11,187 | $ | 20,210 | ||||||||
| Additions: |
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| Interest expense |
17,097 | 17,013 | 34,223 | 34,078 | ||||||||||||
| Real estate depreciation and amortization |
25,459 | 23,669 | 50,708 | 47,277 | ||||||||||||
| Real estate impairment |
— | — | 599 | — | ||||||||||||
| Income tax expense |
1,173 | — | 1,173 | — | ||||||||||||
| Non-real estate depreciation |
248 | 274 | 516 | 546 | ||||||||||||
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| 43,977 | 40,956 | 87,219 | 81,901 | |||||||||||||
| Deductions: |
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| Loss on extinguishment of debt |
— | — | — | 42 | ||||||||||||
| Gain on sale of real estate |
— | (7,942 | ) | — | (7,942 | ) | ||||||||||
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| Adjusted EBITDA |
$ | 50,499 | $ | 48,008 | $ | 98,406 | $ | 94,211 | ||||||||
| Debt service |
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| Interest expense |
$ | 17,097 | $ | 17,013 | $ | 34,223 | $ | 34,078 | ||||||||
| Principal amortization |
1,042 | 1,082 | 2,047 | 2,190 | ||||||||||||
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| $ | 18,139 | $ | 18,095 | $ | 36,270 | $ | 36,268 | |||||||||
| Debt service coverage ratio |
2.78 | 2.65 | 2.71 | 2.60 | ||||||||||||